With Westlessness in West and East, China will run away from the West. Unfortunately, international finance capitalism is also participating in the erosion of the West's success factors.

China could benefit from the current debt downplaying in the US and Europe. Debt relief in the Eurozone is geopolitically necessary, - not only for this reason.

In 2020 for the first time there was an economic crisis accompanied with a decrease in the number of insolvencies. Why was it different?

Profitability, low financial risk, and efficient capital allocation characterize owner-controlled companies. In the last decade, they generated an annual excess return of 3.2%.

In 2020, asset prices in the Euro area increased by +3.9%. While prices were still under pressure in the first quarter of 2020, they recovered quickly in the following quarters driven by to monetary and fiscal policy.